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(a) The authority will enter into a servicing agreement with each originator that
(1) provides that all servicing will be by the originator;
(2) provides methods for the collection of delinquent payments of principal and interest and foreclosure or exercise of security rights undertaken by the originator;
(3) provides for periodic reports to the authority by the originator; and
(4) requires the originator to service the loan in accordance with accepted business practices, including, but not limited to, prompt collection of amounts due under the loan.
(b) The originator must provide a bond and/or insurance policy considered sufficient by the authority which protects the authority against errors, omissions, fraud, or dishonesty committed by the originator, including any of the originator's officers, directors, employees, and agents.
(c) The authority may enter into a loan modification agreement with the originator and the borrower if the authority determines that the loan modification will assist in the economic survival of the borrower during a period of economic hardship while maximizing the ultimate return to the authority. The authority must receive a non-refundable $100 modification fee before entering a loan modification agreement.
(d) The authority may include in a loan commitment provisions relating to the differential amortization provisions as between the authority's portion of the loan and the originator's portion as permitted in 3 AAC 99.230(f) and 3 AAC 99.240(f) . Such provisions may include, but are not limited to, provisions relating to servicing fees, prepayments, security, and remedies.
History: In effect before 1988; am 1/11/88, Register 106; am 11/22/88, Register 109; am 11/30/90, Register 118; am 7/19/91, Register 119; am 2/11/99, Register 150; am 2/8/2001, Register 158
Authority: AS 44.88.080
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Last modified 7/05/2006